Subject: File No. 4-606
From: Thomas J O'Connor, CFP

July 30, 2010

Insurance and investment industries are already over regulated. Under current regulations, the amount of information that is required to provide to the consumer creates an environment that causes the consumer to just roll their eyes. People don't want to read all of this information and it creates a situation where they have to depend more on the integrity of the insurance or investment rep. Adding more compliance further exaserbates the problem thus it will not protect the consumer but instead creates higher costs that must be passed on to the consumer in one way or another and more reliance on the honesty and integrity of the rep. As more reps leave the industry, due to over regulation, the consumer is hurt and not helped by the very thing that is supposed to be helping them.

Yes, reps need to be held to certain legal and competency standards. Why not find out from the consumer at what point they will either throw up their hands and simply trust the rep or not do anything at all for fear of doing something they don't understand?